Mortgage Holidays

[Vlad.]

Has anyone done a mortgage holiday? Are there any massive downsides or gotchas (apart from it taking a couple of months longer to pay off your mortgage)?

[scotal]

There should be no downsides at all.
Your monthly interest will be capitalised, so your mortgage balance will actually rise, but apart from that it shouldn't affect you.

Oh the payment holidays have rules (lender dependent) on how long a holiday you can take and how often you can take them, so check your docs.

[W1TAK]

try thinking about lowering your payment down to interest only rather than not paying anything, it takes ages to reduce the capital of your mortgage and even taking one month off can put you back several months....